Getting to know my market (Flipping)

[Tony Patterson]

I’m new and committed! According to BP, getting to know my market is the first step. What are the best ways to do so? What would you do?

[Evan Polaski]

@Tony Patterson, watch the MLS. Review listings daily, drive neighborhoods. Then start touring houses. Tour completed flips, tour cheap listings.

In flipping, you know your acquisition cost going in. So your risks become how much do I need to spend to get this property up to par, and how much can I sell it for. The MLS will give you an idea of what you can sell for and that is knowing your market.

Lastly, start calling contractors and interviewing them.  Ask for referrals, ask if they have worked for investors before, ask how many people they have on their team, ask what they outsource versus do themselves or with their team.  Starting out, I went the handyman route.  But you need to know what is market rate for the work you need done, or even a general sense.  Each property will have a different scope of work, but starting to build out your team so when you find that property you can hit the ground running is imperative.